[2022 National Audit] Yoon Hee-seong, KDB Bank President, "Never Considered Selling KAI"

[Image source=Yonhap News]

[Asia Economy Reporters Song Hwajeong and Bu Aeri] Yoon Heesung, President of the Export-Import Bank of Korea, stated that there has never been any consideration of selling Korea Aerospace Industries (KAI).

On the 19th, during the National Assembly's Planning and Finance Committee audit, Yoon responded this way to a question from Go Yongjin, a member of the Democratic Party of Korea, asking if there were any plans to sell KAI.

Rep. Go asked, "From the perspective of the Export-Import Bank, wouldn't it be possible to review whether selling KAI would be beneficial for various financial structures?"

Shin Donggeun, also from the Democratic Party, asked, "Are you certain that KAI will not be sold?" Yoon replied, "There are no plans to sell at the moment," adding, "We will consult with the government going forward."

Park Daechul, Chair of the Finance Committee, asked, "There have been media reports that the Export-Import Bank plans to sell its shares in KAI to Hanwha. What is the accurate status of this matter?" Yoon responded, "There has been no such progress at all," and added, "Even during negotiations with Hanwha regarding the sale of Daewoo Shipbuilding, KAI was never discussed."

Regarding whether there are plans to dispose of shares in the future even if no immediate sale is planned, Yoon stated, "If a government-level decision is made in the future to strengthen KAI's mid- to long-term competitiveness, I think it would be considered at that time."

On the difference between Daewoo Shipbuilding, which is currently undergoing a sale, and KAI, Yoon said, "Daewoo Shipbuilding faced issues where consulting results showed it could not survive without attracting new investments, so the Korea Development Bank pushed for its sale. KAI, however, is operating normally and has defense demand, so I believe its stock price has potential to rise in the future."

This content was produced with the assistance of AI translation services.